Elders has named a new chairman to replace existing chair Hutch Ranck who today announced his intention to retire from the position at the company’s Annual General Meeting to be held on 13 December 2018.
Mr Ranck, who has served on the Elders Board as a non-executive director since June 2008, retires as Chairman after four years in the role, having first been appointed in April 2014.
In an Elders statement to the ASX Mr Ranck said it was the right time to step down after an immensely satisfying 10 years of service which has seen the Company emerge from financial distress to the robust and strongly performing company shareholders were invested in today.
Mr Ranck will be succeeded in the role by recently appointed non-executive director, Michael Carroll, subject to Mr Carroll being elected a director by shareholders at that AGM.
Mr Carroll, who has extensive experience in the agricultural sector in both senior executive and nonexecutive roles, was appointed to the Board on 3 September 2018. Mr Carroll will be engaged on the same terms as Mr Ranck.
Mr Carroll acknowledged Mr Ranck’s significant legacy and looked forward to taking Elders through its next phase of growth and development.
The Elders statement said the board extended its sincere thanks to Mr Ranck for his decade long commitment and substantial contribution to the Company and wishes him all the best for the future.
Mr Carroll has more than 25 years’ experience in food and agribusiness in executive and non-executive roles, with current directorships including Select Harvests, Sunny Queen, Paraway Pastoral Company, Rural Funds Management, the Australian Rural Leadership Foundation and Viridis Ag.
He is also a member of the Marcus Oldham Agricultural College Foundation.
Former board roles include Warrnambool Cheese & Butter, Rural Finance Corporation, Queensland Sugar Limited, Tassal, the Australian Farm Institute and Meat and Livestock Australia.
During his executive career, Mr Carroll held senior executive positions at the National Australia Bank (NAB) and was responsible for establishing and leading NAB’s Agribusiness division.
He comes from a family which has been involved in farming for over 140 years and has his own property in western Victoria.
Mr Carroll holds a Bachelor of Agricultural Science from La Trobe University and a Master of Business Administration from The University of Melbourne’s Melbourne Business School. He has also completed the Advanced Management Program at Harvard Business School, Boston and is a Fellow of the Australian Institute of Company Directors.